3 Things You Should Know About Small Business: Feb. 28
NEW YORK (MainStreet) -- What's happening in small business today?
1. Small-business owners are unprepared for retirement. A disproportionate number of small-business owners, while concerned about their retirement, are unaware of how much money they will need, according to a survey by The American College.
Whether small-business owners have calculated their retirement goals or have yet to do so, most do not have a formal plan to achieve their financial objectives. Among those surveyed, 77% of the women and 74% of the men have no written plan for retirement.And while just over half reported being concerned about maximizing the value of their business to help fund retirement, only 10% of women and 20% of men surveyed had a written plan to transition their business when the time comes. 2. Think it's bad owning a business in the U.S., try owning one in Greece. Business Insider cited a great anecdote about how strict regulation in Greece is stifling business and the economy at large. "Books could not be purchased at the bookstore, as it was after 18h and it is illegal to sell books in Greece beyond that hour. I was in a bookstore/café that could neither sell books nor make coffee," Business Insider economist Megan Greene said in her blog. 3. Talk of small businesses as job creators is overblown. Politicians are always saying small businesses are the engine of job creation. But economists suggest that small businesses are "not particularly adept at creating jobs, at least not the best jobs" and "their role in generating national wealth has been exaggerated," according to a USA Today article. Many small businesses eliminate more jobs than they create either through layoffs, closings or bankruptcy, the article says. According to a study by two Chicago economists, "most small-business owners just want to be their own boss and never expect to hire more than a few employees." -- Written by Laurie Kulikowski in New York. To contact Laurie Kulikowski, send an email to: Laurie.Kulikowski@thestreet.com. To follow Laurie Kulikowski on Twitter, go to: http://twitter.com/#!/LKulikowski
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